证券研究报告 韦尔股份 (603501 CH) 1Q25：25 年汽车业务收入或超手机 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 半导体 | 韦尔公布 24 年年报及一季报，2024 年营业收入 257.3 亿元（yoy+22.4%）， 毛利率 29.4%（yoy+7.7pct），归母净利润 33.2 亿元（yoy+498%），扣非归 母净利润 30.6 亿元（yoy+2115%）。对应 4Q24 营收 68.2 亿元（yoy+15%， qoq+0.08%），毛利率 29%（yoy+6pct，qoq-1.5pct），归母净利润 9.5 亿 （yoy+406%，qoq-6%），扣非归母净利润 7.6 亿（yoy+9268%，qoq-17%）。 公司 1Q25 实现营业收入 64.7 亿元（yoy +14.7%，qoq -5.1%），毛利率 31% （yoy+3.1pct，qoq+2.1pct），产品结构优化和供应链提质增效带动增长， 归母净利润 8.7 亿元（yoy+55%，qoq-8.7%），扣非归母净 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 33.60 RMB [8][5]. Core Views - The company achieved a revenue of 1.034 billion RMB in 2024, representing a year-on-year increase of 37.08%, and a net profit of 221 million RMB, up 22.58% year-on-year. In Q1 2025, the revenue was 256 million RMB, showing a significant growth of 52.92% year-on-year, driven by opportunities in mobile optical innovation, automotive smart driving, and 5G optical communication [2][4]. - The company is expected to maintain strong performance in the second half of 2025, supported by demand for periscope lenses from major mobile clients and automotive optical/laser radar needs. The company is also collaborating with leading global manufacturers in various new fields, which may contribute to long-term performance growth [2][4]. Summary by Sections Financial Performance - In 2024, the optical prism product revenue reached 654 million RMB, a year-on-year increase of 59.01%, primarily due to increased shipments of micro prisms. The gross margin was 37.99%, down 5.15 percentage points year-on-year. The glass aspheric lens revenue was 251 million RMB, up 4.08% year-on-year, with a gross margin of 51.93%, up 5.36 percentage points year-on-year. The glass wafer revenue was 73 million RMB, up 38.91% year-on-year, with a gross margin of 16.01% [3][4]. - The company’s total revenue for 2023 was 754.46 million RMB, with a year-on-year growth of 98.35%. The net profit attributable to the parent company was 180.79 million RMB, up 87.27% year-on-year [7]. Business Outlook - The company is well-positioned to benefit from diverse product offerings and long-term customer relationships in consumer electronics, automotive smart driving, and optical communication sectors. The demand for micro prisms is expected to grow due to the introduction of new models by major clients [4][5]. - The company is actively cooperating with leading glass material manufacturers and semiconductor equipment suppliers, positioning itself to capture growth opportunities in the AR and semiconductor fields [4]. Valuation - The projected net profits for 2025-2027 are 339 million RMB, 425 million RMB, and 534 million RMB, respectively. The corresponding EPS for these years is expected to be 0.84 RMB, 1.05 RMB, and 1.32 RMB [5][7]. - The company is assigned a PE ratio of 40 times for 2025, reflecting its strong growth potential in new downstream markets and products [5][8].